Mygate, a tech startup for residential community management, has raised Rs 225 crore from Dharana Capital.
According to a statement, Mygate will use the funding to expand its gated community footprint and strengthen its integrated platform.
Founded in 2016, Bengaluru-headquartered ttechnology Mygate residential communities a suite of solutions including management of gate & security, finance & accounting, amenities, and internal communication. Its platform also features a built-in brand engagement and advertising layer that offers brands a channel to engage with the communities.
Mygate says it has customers across 27,000 residential communities, accounting for 57 lakh homes. Through the fresh round of funding, it plans to expand to 100 lakh homes.
Abhishek Kumar, Co-founder & CEO, Mygate, said, “Over the last three years, Mygate has delivered more than 3x revenue growth while achieving profitability and reinforcing its market leadership position. Our unwavering focus on solving real problems for gated communities at scale has been central to this journey.”
Mygate had last raised Rs 100 crore in November 2022. The startup has evolved from a visitor management solution into an ecosystem that encompasses all aspects of the gated community experience, such as local service discovery, maintenance payments, and a marketplace for used goods.
Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital, said, “We believe that urban India’s move towards gated communities is an irreversible trend and Mygate provides an essential platform to power these ecosystems.”
Dharana Capital is an India-focused growth-stage investment firm focused on technology and consumer companies. It is backed by top US University endowments and other non-profit institutions. Its portfolio of companies includes Urban Company, LAT Aerospace, Vyapar, Temple, Zopper, Lentra, Itilite, Petpooja, and Beyond Appliances.
